Annual Review 2007/2008

Investments

BBC World Service holds the following interests in companies, at cost:

  Holding of issued ordinary shares
%
Subsidiaries  
BBC Croatia d.o.o. (incorporated in Croatia) 100
BBC do Brasil Limitada (incorporated in Brazil) 100
BBC East Asia Relay Company Limited (incorporated in Hong Kong) 100
BBC Kiev LLC (incorporated in Ukraine) 100
BBC Morocco SA (incorporated in Morocco) 100
BBC Pakistan Private Limited (incorporated in Pakistan) 100
BBC R (incorporated in Russia) 100
BBC Radiocom (Bulgaria) EOOD (incorporated in Bulgaria) 100
BBC Radiocom (Praha) s.r.o. (incorporated in the Czech Republic) 100
BBC Romania SRL (incorporated in Romania) 100
BBC Radiocom Deutschland GmbH (incorporated in Germany) 100
BBC Ukraine LLC (incorporated in Ukraine) 100
BBC World Service Hong Kong Limited (incorporated in Hong Kong) 100
BBC World Service India Private Limited (incorporated in India) 100
BBC World Service Trust*
 
Associates  
Aerial Radio Musorszoro KFT (incorporated in Hungary) 50
Multimedia Ventures Limited (incorporated in Great Britain) 50

* The BBC World Service Trust is a charitable company limited by guarantee, of which the BBC is the sole member.

Although BBC World Service is technically the parent of the BBC World Service Trust, the Trust is exempt from consolidation.This is because the Trustees have a fiduciary duty to act in the best interests of the Trust’s beneficiaries. Substantially all of the Trust’s income is made up of grants, which are classified as restricted funds because their use is specified by donors, such that BBC World Service has no direct control over, or financial interest in, the assets of the Trust.

The results and balances of the other companies listed above are not material to BBC World Service either individually or in aggregate.